Newmark Leads Leasing for 12 Seattle Office Buildings as Martin Selig Real Estate Restructures Nearly $500 Million in Debt

November 2, 2026 2:00 PM

Martin Selig Real Estate has completed modifications of loans totaling nearly $500 million on 12 Seattle office buildings, enhancing its ability to sign new leases and renewals in all 12. Newmark leases the portfolio, with a team led by Executive Managing Directors Cavan O'Keefe and Jesse Ottele and Director Brody O'Keefe, working with Martin Selig Real Estate's Leasing Director Michael Brixner.

"These modifications send a clear signal to the market that these assets are actively competing for tenants," said Cavan O'Keefe.

The modifications cover nine buildings financed through a loan serviced by Midland Loan Services, along with three additional buildings financed under a separate loan facility. Under the executed Midland agreement, the receivership will be terminated and the loan transferred back to the master servicer before the end of 2026. Collectively, the modifications represent a significant milestone for one of Seattle's most recognizable office ownership groups and positions ownership and Newmark to accelerate leasing activity.

The 12 buildings total approximately 2.2 million square feet across the Central Business District, Waterfront, Belltown, Lower Queen Anne and Ballard, with more than 1 million square feet available today across:

• Central Business District: 1000 Second Avenue (169,500 square feet)
• Waterfront: 3131 Elliott; 3101 Western; Elliott Bay Office Park (315,000 square feet)
• Belltown: Third & Broad; Fourth & Vine (175,000 square feet)
• Lower Queen Anne: Third & Harrison; West Tower (400 Second Ave. W.); 190 Queen Anne; 200 First West; 18 West Mercer (348,000 square feet)
• Ballard: 15^th & Market (58,000 square feet)

"With these modifications complete, we're focused squarely on growing occupancy and serving our tenants," said Matt Alisch, Chief Executive Officer of Martin Selig Real Estate. "The agreements provide clarity and stability for the portfolios and reinforce our ability to transact and invest in our buildings for the long term."

"These modifications provide the runway needed to continue investing in our buildings, supporting our tenants and creating value across the portfolio," said Martin Selig, founder of Martin Selig Real Estate.

According to Newmark Research, the Puget Sound office market posted 315,500 square feet of positive absorption in the third quarter, the strongest quarterly performance of 2026, while vacancy fell to 22.8%, its third consecutive quarterly decline. As tenants continue making long-term real estate commitments and new office construction remains effectively absent, well-located assets are increasingly competing in a market that is showing renewed leasing momentum.

About Martin Selig Real Estate
Martin Selig Real Estate is an independent developer and owner of office buildings in the Pacific Northwest and has been in operation since 1958. A vertically integrated firm, it develops, owns and manages its properties, giving tenants direct access to ownership.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leading commercial real estate advisor and service provider to large institutional investors and other owners, global corporations and other occupiers, and lenders. Built with purpose and driven by excellence, Newmark's comprehensive platform is uniquely tailored to provide superior outcomes to clients. For the twelve months ended September 30, 2026, Newmark generated revenues of over $3.7 billion. As of September 30, 2026, Newmark and its business partners together operated from approximately 200 offices with more than 10,500 professionals across four continents. Learn more at nmrk.com or follow @newmark.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are "forward-looking statements" that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the Company's business, results, financial position, liquidity, and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark's Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.